Kazakh President Kassym-Jomart Tokayev has appointed Serik Zhumangarin as the new economy minister, replacing Nurlan Baibazarov on December 21, 2024. Zhumangarin, who previously served as deputy economy minister and trade minister, is now tasked with ensuring economic growth and implementing necessary structural changes in the face of ongoing economic challenges [24c6b0a5].
Kazakhstan's economy is currently under pressure, with the national currency surpassing 500 tenge to the US dollar. This depreciation has raised concerns about the stability of the economy and the effectiveness of current monetary policies. In response, Kazakhstan's central bank has reportedly spent over $1 billion on currency stabilization efforts since mid-November [24c6b0a5].
Despite these challenges, there are some positive indicators for Kazakhstan's economy. Moody's upgraded the country's credit ratings to Baa1 in September 2024, reflecting improved economic conditions and investor confidence. Additionally, the International Monetary Fund (IMF) has predicted a GDP growth of 3.9% for 2024, suggesting a potential recovery on the horizon [24c6b0a5].
In a related development, President Tokayev has engaged in discussions with former U.S. President Donald Trump to explore opportunities for collaboration on trade. This dialogue underscores Kazakhstan's commitment to enhancing its international trade relationships and attracting foreign investment [24c6b0a5].
The appointment of Zhumangarin comes at a critical time as the government seeks to navigate through economic reforms and stabilize the currency, aiming for sustainable growth in the coming years [24c6b0a5].